NanoSteel Co., a Providence, Rhode Island-based designer of structured steel materials, has closed its Series C financing.
The amount of the transaction was not disclosed.
General Motors Ventures LLC, has joined lead shareholders EnerTech Capital and Fairhaven Capital Partners and five existing investors.
Led by Dave Paratore, president and CEO, NanoSteel has created a new class of steel that allows automotive engineers and designers to reduce weight through the use of thinner, higher strength gauges while maintaining the structural integrity needed for safety.
The company intends to use the funding to accelerate the final phases of development of its nano-structured AHSS in the quest to economically lightweight vehicles.